2009 – FEBRUARY – AVALON, NJ:

RESIDENTIAL – UNDER CONTRACT: 2/1/2009 TO 2/28/2009 = (4)

                                                           ORIGINAL            REDUCED            DAYS ON

ADDRESS                                         LIST PRICE         LIST PRICE          MARKET

246 44^TH St.(4)Bed.,(3)Bth.               $1,250,000.                 SAME                     38

* 118 22^nd St.(5)Bed.,(5)Bth.               1,795,000.             1,695,000.                   118

74 W. 11^th St.(5)Bed.,(5)Bth.               1,750,000.                 SAME                     17

* 3701 Dune Dr.(6)Bed.,(6)Bth.          3,185,000.              2,795,000.                  966

(2) NEW CONSTRUCTION

RESIDENTIAL – COMPARABLE SALES: 2/1/2009 TO 2/28/2009 = (0)

LOTS/LAND – UNDER CONTRACT: 2/1/2009 TO 2/28/2009 = (1)

                                                        ORIGINAL            REDUCED            DAYS ON

ADDRESS                                     LIST PRICE           LIST PRICE         MARKET

261 42^ND St. 50’x 110’                   $850,000.                    SAME                     43

LOTS/LAND – COMPARABLE SALES: 2/1/2009 TO 2/28/2009 = (0)

COMMERCIAL – UNDER CONTRACT: 2/1/2009 TO 2/28/2009 = (0)

COMMERCIAL – COMPARABLE SALES: 2/1/2009 TO 2/28/2009 = (0)

MULTI-FAMILY – UNDER CONTRACT: 2/1/2009 TO 2/28/2009 = (0)

MULTI-FAMILY – COMPARABLE SALES: 2/1/2009 TO 2/28/2009 = (0)

CONDO/TOWNHOUSE – UNDER CONTRACT: 2/1/2009 TO 2/28/2009 = (2)

                                                                         ORIGINAL            REDUCED            DAYS ON

ADDRESS                                                       LIST PRICE          LIST PRICE         MARKET

451 21^st St.,2^nd Fl.                                             $610,000.                $499,000.                     325

502 20^th St., East                                               1,299,000.                719,000.                      528

CONDO/TOWNHOUSE – COMPARABLE SALES: 2/1/2009 TO 2/28/2009 = (6)

                                                         ORIGINAL     REDUCED     SOLD     CLOSING   DAYS

ADDRESS                                       LIST PRICE      PRICE         PRICE       DATE      onMkt

7929 Dune(1)Bed.,(1)Bth. #309       $349,990.           $374,990.      $340,000.    2/27/09         244

7929 Dune(1)Bed.,(1)Bth. #307         359,990.             349,990.        353,140.    2/13/09         230

7929 Dune(1)Bed.,(1)Bth. #312         364,990.             369,990.        377,296.    2/27/09         237

300 79^th St(3)Bed.,(2)Bth. #B-4         630,000.              SAME          550,000.    2/18/09          86

* 321 40^th St.(5)Bed.,(4)Bth. East     1,095,000.           775,000.        700,000.    2/27/09          818

* 323 40^th St.(5)Bed.,(4)Bth. West    1,195,000.           825,000.        722,500.    2/27/09        1000

(2) NEW CONSTRUCTION

                                                       (3,994,970.)       (3,324,970.)    (3,042,936.)                   (2,615)

Average Original               Average Reduced               Average Sold               Average Days

List Price = $665,828.        List Price = $554,162.        Price = $507,156.        on Market = 436

- Difference between ORIGINAL List Price and SOLD Price = (24%)

- Difference between ORIGINAL List Price and REDUCED Price = (17%)

TOTAL AVALON SALE INVENTORY (AS OF 3/6/2009) = 420

RESIDENTIAL                                               220

LOTS/LAND                                                    24

COMMERCIAL                                               18

MULTI-FAMILY                                             7

CONDO/TOWNHOUSE                                 151